Goldman’s use of intelligence drawn from its unrivalled pool of market sources to trade on its own and its clients’ behalf – a strategy championed by Mr Blankfein – has been a competitive advantage. Bank executives speak of its ability to manage – even “embrace” – conflicts of interest that arise from its position at the centre of information and capital flows.

In plain English, big, complex banks such as Goldman Sachs make money by abusing their privileged position as the gatekeepers to capital markets. This complex monopoly must be broken up.